SLV vs. IWMI

Last updated Jun 21, 2026

SLV (iShares Silver Trust) and IWMI (NEOS Russell 2000 High Income ETF) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while IWMI is a Derivative Income fund actively managed by Neos. SLV is passively managed, while IWMI is actively managed. Over the past year, SLV returned 81.88% vs 37.32% for IWMI. At a 0.25 correlation, their price movements are largely independent. SLV charges 0.50%/yr vs 0.68%/yr for IWMI.

Performance

SLV vs. IWMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Silver Trust (SLV) and NEOS Russell 2000 High Income ETF (IWMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLV achieves a -7.62% return, which is significantly lower than IWMI's 16.41% return.

SLV

• 1D: -1.81%
• 1M: -12.95%
• YTD: -7.62%
• 6M: -2.33%
• 1Y: 81.88%
• 3Y*: 38.96%
• 5Y*: 20.04%
• 10Y*: 13.58%

IWMI

• 1D: 1.72%
• 1M: 3.75%
• YTD: 16.41%
• 6M: 14.83%
• 1Y: 37.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SLV vs. IWMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SLV iShares Silver Trust	-7.62%	144.66%	-2.48%
IWMI NEOS Russell 2000 High Income ETF	16.41%	14.97%	6.58%

Correlation

The correlation between SLV and IWMI is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (All Time) Calculated using the full available price history since Jun 25, 2024	0.25

Return for Risk

SLV vs. IWMI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SLV

SLV Risk / Return Rank: 36
SLV Sharpe Ratio Rank: 39
SLV Sortino Ratio Rank: 32
SLV Omega Ratio Rank: 44
SLV Calmar Ratio Rank: 36
SLV Martin Ratio Rank: 28

IWMI

IWMI Risk / Return Rank: 82
IWMI Sharpe Ratio Rank: 80
IWMI Sortino Ratio Rank: 80
IWMI Omega Ratio Rank: 76
IWMI Calmar Ratio Rank: 85
IWMI Martin Ratio Rank: 88

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SLV vs. IWMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and NEOS Russell 2000 High Income ETF (IWMI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SLV	IWMI	Difference
Sharpe ratio: Return per unit of total volatility	1.32	2.42	-1.10
Sortino ratio: Return per unit of downside risk	1.67	3.33	-1.65
Omega ratio: Gain probability vs. loss probability	1.27	1.42	-0.14
Calmar ratio: Return relative to maximum drawdown	1.75	4.43	-2.68
Martin ratio: Return relative to average drawdown	3.68	18.24	-14.57

SLV vs. IWMI - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 1.32, which is lower than the IWMI Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of SLV and IWMI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SLV vs. IWMI - Drawdown Comparison

The maximum SLV drawdown since its inception was -76.28%, which is greater than IWMI's maximum drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for SLV and IWMI.

Drawdown Indicators

	SLV	IWMI	Difference
Max Drawdown Largest peak-to-trough decline	-76.28%	-23.88%	-52.40%
Max Drawdown (1Y) Largest decline over 1 year	-45.40%	-8.40%	-37.00%
Max Drawdown (3Y) Largest decline over 3 years	-45.40%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-45.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.40%	—	—
Current Drawdown Current decline from peak	-43.65%	0.00%	-43.65%
Average Drawdown Average peak-to-trough decline	-44.65%	-4.04%	-40.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.52%	2.03%	+19.49%

Volatility

SLV vs. IWMI - Volatility Comparison

iShares Silver Trust (SLV) has a higher volatility of 14.09% compared to NEOS Russell 2000 High Income ETF (IWMI) at 5.41%. This indicates that SLV's price experiences larger fluctuations and is considered to be riskier than IWMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLV	IWMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.09%	5.41%	+8.68%
Volatility (6M) Calculated over the trailing 6-month period	59.18%	11.46%	+47.72%
Volatility (1Y) Calculated over the trailing 1-year period	60.10%	15.38%	+44.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.50%	17.97%	+18.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.04%	17.97%	+14.07%

SLV vs. IWMI - Expense Ratio Comparison

SLV has a 0.50% expense ratio, which is lower than IWMI's 0.68% expense ratio.

Dividends

SLV vs. IWMI - Dividend Comparison

SLV has not paid dividends to shareholders, while IWMI's dividend yield for the trailing twelve months is around 14.51%.

Position	TTM	2025	2024
IWMI NEOS Russell 2000 High Income ETF	14.51%	14.05%	8.78%
SLV iShares Silver Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SLV and IWMI in my portfolio?

SLV and IWMI have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLV or IWMI?

SLV has higher volatility (14.09%) compared to IWMI (5.41%). In terms of maximum drawdown, SLV dropped -76.28% vs IWMI's -23.88%.

Which ETF is better, SLV or IWMI?

On 1-year performance, SLV leads with 81.88% vs 37.32% for IWMI. On fees, SLV is cheaper at 0.50% per year. On volatility, IWMI has been the lower-risk option at 5.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLV or IWMI?

Over the 1-year period, SLV has performed better with a 81.88% return vs 37.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLV or IWMI?

SLV is cheaper with a 0.50% expense ratio, compared with 0.68% for IWMI.

Which ETF pays a higher dividend yield, SLV or IWMI?

IWMI has the higher dividend yield at 14.51%, compared with 0.00% for SLV.

What is the main difference between SLV and IWMI?

SLV is categorized as Silver, while IWMI is Derivative Income. They also come from different issuers: iShares and Neos. Their fees differ too: 0.50% for SLV and 0.68% for IWMI.

Which has better risk-adjusted returns?

IWMI currently has the higher Sharpe Ratio (2.42 vs 1.32), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.